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MKT 571 Final Exam 1 Download answer at
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1) Small companies can engage is marketing research in a number of creative and inexpensive ways, including _______________.
A.
Using its own internal marketing research department
B.
Buying information from database companies like A.C. Nielsen
C.
Setting up their own web site
D.
Using an online information service such as the internet
2) A marketing information system (MIS) consists of ___________.
An organized collection of comprehensive data about individual customers, prospects, or suspects that is currently accessible for marketing purposes.
The systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation.
A set of procedures and sources used by managers to obtain everyday information and relevant developments in the marketing environment.
The people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and accurate information to marketing decision makers.
3) When Molly’s parents retired, they decided they wanted to travel. They found an ideal job that allows them to travel for free, but the only catch is they have to stay at Holiday Inns. During each stay, they test all the amenities offered by the motel and evaluate each. The evaluation forms are sent to the motel headquarters where it becomes part of the motel’s __________ systems.
Accountability information system (AIS)
Experiential research data
Marketing research
Marketing intelligence
4) All of the following are steps in the marketing research process EXCEPT:
Compare data to government sources
Collect the information
Define the problem and research objectives
Present the findings
5) The step in the marketing research process that includes determining who will be sampled is to _______________.
Develop the research plan
Make the decision based on the project outcomes
6) The second step in the marketing research process is ______________.
Decision regarding the research tools and target group
Development of the research plan
Collection of the available sources for information needed
7) Marketing information systems are developed from internal company records, marketing intelligence, and marketing research.
True
False
8) The last step in marketing research is developing the research plan.
9) Typically, companies budget about 11-12 percent of company sales for marketing research.
Fasle
10) Lowe’s home improvement stores strive to have nicer, more knowledgeable salespeople, a better product selection, and to maintain an impeccable image. These are all part of improving the offer via _____________.
Increasing the service value
Reducing the product’s monetary costs to the buyers.
Reducing the buyer’s nonmonetary costs
Increasing total customer value
11) ______________ is the difference between a prospective customer’s evaluation of all the benefits and costs of an offering and the perceived alternatives.
Customer delivered value
Customer perceived value
Total customer cost
Customer relationship management
12) Which of the following is NOT a component part of total customer value?
Psychic value
Services value
Product value
Image value
13) A(n) ________________ is likely to offer informal advice and information about a product or product category.
Opinion leader
Aspirational reference group
Primary reference group
Diversity marketing program
14) Each of the following is considered consumer behavior EXCEPT:
Acceptance of a political idea
Use of public transit
Selection of a product
Production of a concert
15) Within the United States, Southerners, Mormons, and Native Americans are examples of:
Cultures
Psychologically defined groups
Social classes
Subcultures
16) Business buying behavior differs from consumer buying behavior in that _________.
The demand for business goods and services is derived from consumer’s final demand.
[Answer Text]Businesses buy products to accomplish a single goal, which varies by industry and business.
The buyers for the business market are typically more geographically dispersed than those for the consumer market and the demand for products and services in the consumer market is unaffected by price fluctuations.
Fewer people typically participate in or influence business buying decisions than in the consumer market.
17) The institutional market is best described as having _____________.
Derived demand, geographically concentrated suppliers, and budgetary constraints.
Contract negotiations and fluctuating demand
Low budgets and a captive clientele
Demand elasticity and geographically concentrated suppliers
18) Business buyers ______________.
Use geographical dispersion to keep shipping costs low
Are largely concentrated in the southwestern United States
Are geographically as diverse as consumers
Tend to be geographically concentrated with over half of them in seven states
19) Which of the following is NOT an advantage of co-branding?
Provides more opportunities with new customers
Generates additional sales from the existing target market
Might contribute to overexposure of the brand
Helps position new products
20) When Apple introduced its popular iPod Nano model, it dropped its Mini iPod at the same time. The Mini was, at the time, the most popular mp3 player in the marketplace. This is an example of __________.
Product maturity
A brand shake-out
CEO Steve Job’s large ego
Preemptive cannibalization
21) A ___________ is when a parent brand is used on a new product targeting a new market segment within a category currently served by the parent.
Line extension
Category extension
Joint-venture co-brand
Same company co-brand
22) Painting and consulting are considered industrial goods because ______________.
They facilitate developing and managing the finished product
Most firms do not seek them directly
They are specialty goods
They are considered “component materials"
23) In 2003, Toyota introduced its Scion brand with the aim of bringing younger buyers into the “family.” This was a classic example of _________________.
Line stretching
Line padding
Line featuring
Line cannibalization
24) Marketers plan their market offerings at five levels. What is the correct order of the levels, going from most fundamental to the level with the most benefits?
Potential-augmented-expected-core-basic
Core-basic-expected-augmented-potential
Basic-expected-augmented-core-potential
Expected-potential-basic-augmented-core
25) Which of the following is the best example of pure service?
A car repair shop
A lawn mowing service
A weight loss clinic that provides the consumer with its own brand of food
A movie theater
26) For $15 a day, Chlena will go to your home and feed, water, and play with your pet while you are on vacation. The service Chlena provides is an example of a _____________.
Hybrid
Tangible good with accompanying service
Pure service
Major service with accompanying minor goods and services
27) Which of the following best describes the category in which the offering’s service mix is distinguished? “People patronize restaurants for both food and service.”
Tangible good with accompanying services
Pure tangible good
28) When customers buy on the basis of a reference price or because the price conveys a particular quality image to them, they are being influenced by ____________.
The psychology of pricing
Value pricing
The going rates of competitors
Value augmented by perception
29) The introduction of a new product to the market using market-penetration pricing is most likely to be successful when _____________.
There must be no existing demand for the product
The unit costs of producing a small volume of the product are high
The market is highly price sensitive
The high price communicates nothing to potential buyers
30) A common mistake in pricing is ____________________.
Considering price and price competition as a key problem in marketing
Revising prices too often
Ignoring costs when setting prices
Setting prices independently of the rest of the market mix
31) When Cyler goes to do his grocery shopping for the week he also likes to drop off his finished rolls of film and visit the bank at the same time. He would also like the idea of having a package mailing service to use while he is shopping. Cyler would enjoy doing his grocery shopping at a _______________.
Category killer
Combination store
Superstore
Hypermarket
32) Best Buy stores carry a deep assortment of the latest electronics gadgets. They offer buyers a great deal of assistance and advice in making selections. Best Buy would be an example of a _____________.
Factory outlet
Specialty store
Department store
33) Convenience goods such as snack foods are sold through _________________.
Limited service
Self-selection
Full-service
Self-service
34) McDonald’s franchisees get a small discount when they pay their bills for supplies within the first seven days (when the due date is 30 days after delivery). This is an example of ___________ within channel relations.
Conditions of sale
Price policies
Sharing the risks
Territorial rights
35) Because of Coca-Cola’s size and power in the marketplace, they tend to dominate some members in the channel. This allows them to require strong cooperation from resellers who carry Coke products. This is an example of a(n) _____________.
Horizontal marketing system
Administered vertical marketing system
Corporate vertical marketing system
Contractual vertical marketing system
36) Which is the last major decision in international marketing?
Deciding on the marketing organization
Deciding how to enter the market
Deciding on the marketing program
Deciding which markets to enter
37) Zhao is advertising her import-export business and wants to find the most cost-effective way of delivering the desired number and types of message exposures to her target audience. Zhao is considering her ________________.
Media selection
Creative development and execution
Plan of attack
Marketing plan
38) Advertising for Advil pain reliever shows Advil is superior to Tylenol. This is an example of _________advertising.
Informative
Persuasive
Reminder
Descriptive
39) Assume you are advertising very expensive authentic Turkish carpets to upscale investors in Germany. Credibility and prestige are important. The best medium for your advertising message is _____________.
Direct mail
Newspapers
Magazine
Television
40) Which of the following would NOT be considered part of a marketing communications program?
Personal selling
A sales promotion
An event sponsorship
Brand contact
41) This is the use of mail, telephone, fax, email, or the Internet to communicate directly with or solicit a response or dialogue from specific customers or prospects.
Direct marketing
Viral marketing
Brand building
42) Bradford Soap, the second largest soap maker in the world, occasionally arranges tours of their plant in Warwick, Rhode Island. This is part of what kind of communications platform?
Sales promotion
Experiences
Events
43) The first computers originated for home use were only sold in kit form to technical enthusiasts who did their own assembly. Demand was high and so were prices. At the time, the firm offering these kits would likely have been using the __________ concept.
Production
Market
Technological
Product
44) The computer _______________ consists of the manufacturers of computer memory chips, monitors, keyboards, coaxial cables, modems, software, storage systems (disks, hard drives, portable USB media), and those who install, repair, and maintain systems and software.
Marketspace
Metamarket
Macromarket
Marketplace
45) Which of the following is correct?
A megamarket includes only suppliers
A metamarket is a huge store
A marketspace is a digital shopping “area.”
A metamediary is a physical marketplace.
46) Marketing __________ is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
internally
integration
segmentation
management
47) Which of the following is most closely associated with a proactive marketing orientation?
It involves delivering superior value.
The marketer focuses on the customers’ latent needs.
It represents the “make and sell“philosophy.
It is about understanding and meeting customers’ expressed needs.
48) __________________ is/are an organization function(s) and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its shareholders.
Marketing
Ethics
Strategic planning
Management
49) Which of the following is NOT one of the Ms in marketing?
Measurement
Money
Mission
50) Advertising for Advil pain reliever shows how Advil is superior to Tylenol. This is an example of _________advertising.
Instructive
51) Hospitals are engaged in intense competition to fill maternity beds. What type of advertising would hospitals most likely use to advertise their new amenities like Jacuzzis in every room, filet mignon or lobster on the menu, and afternoon teas for the new mothers and their families?
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